A new report from global technology intelligence firm ABI Research highlights a record $7 billion investment in nuclear fusion during the third quarter of 2024, reflecting increasing interest in alternative energy solutions. The report also notes a growing focus on Small Modular Reactors (SMRs), particularly for energy-intensive industries such as data centers.
“Nuclear fusion and SMRs represent just one segment of the broader energy transition landscape. The adoption of renewable energy sources also continued at a strong pace in 2024,” said Daniel Burge, Smart Energy for Enterprises and Industries Analyst at ABI Research.
China led global renewable energy expansion, installing more solar and wind capacity between March 2023 and March 2024 than the rest of the world combined. These sources now account for 37% of China’s total power capacity (758GW), with an additional 339GW under development. In Europe, lower-cost solar photovoltaic (PV) units contributed to a 15% year-over-year increase in solar power generation.
The report also highlights the role of emerging technologies in energy sector advancements. Artificial Intelligence (AI)-enabled monitoring systems and drone-assisted operations are increasingly used to enhance efficiency in renewable energy asset management. Meanwhile, large-scale grid expansion projects progressed worldwide. In Q3 2024, the Commonwealth Government approved the Australian component of the Australia-Asia Powerlink, designed to deliver up to 6GW of electricity to Darwin and Singapore. In Belgium, utility firm Engie began construction on an 800MWh battery park, while U.S.-based Intersect Power secured funding for 1GWh of battery storage projects in Texas. The number of microgrids continues to grow, with over 21,000 now in operation, nearly half of which are located in Sub-Saharan Africa.
Interest in innovative energy solutions remains strong across multiple industries, including agriculture, construction, manufacturing, and mining. Key developments include Enel North America signing the largest U.S. solar grazing contract and Microsoft securing a power purchase agreement (PPA) for energy from the Three Mile Island nuclear plant. Additionally, space-based energy initiatives are gaining traction, with U.S. startup Star Catcher securing funding for the world’s first space-based energy grid.
As industries explore diverse energy strategies, advancements in nuclear fusion, renewable energy, and emerging grid technologies continue to shape the evolving energy landscape heading into 2025.
These findings are part of ABI Research’s Smart Energy for Enterprises & Industries Quarterly Update: 3Q 2024 report, which is available through the company’s Smart Energy for Enterprises and Industries research service. The service provides in-depth research, data, and insights on energy developments across industries.
